Swiss Re AG, said it’s in talks with Nigerian insurers to buy minority stakes and benefit from growth in the continent’s largest economy, Bloomberg reports.
“We’d like to have more investments in places like Nigeria,” Frank O’Neill, Swiss Re’s chief executive officer for the Middle East and Africa, said Tuesday in an interview before the World Economic Forum on Africa in Cape Town. “The challenge is that the valuations are rich. We’re looking for the right kind of partners at a price that makes sense. We’re at an early stage in talks, but we’re positive on the market opportunities.”
Insurance Companies in Nigeria have received huge attraction from investors all over the world considering their low valuation and growth opportunities in the market. We have also seen the acquisition of Mansard by AXA recently and there are indeed more indications that more acquisitions will take place. Insurance sector of the Nigerian stock exchange currently has a market capitalisation of about N155billion.
